(1) The filing of an RBC report which indicates that the
insurer's or HMO's total adjusted capital is less than its
mandatory control level RBC;

(2) Notification by the Commissioner to the insurer or HMO of
an adjusted RBC report that indicates the event in subdivision (1)
of this subsection, provided the insurer or HMO does not challenge
the adjusted RBC report under section seven of this article; or

(3) If, pursuant to section seven of this article, the insurer
or HMO challenges an adjusted RBC report that indicates the event
in subdivision (1) of this subsection, notification by the
Commissioner to the insurer or HMO that the Commissioner has, after
a hearing, rejected the insurer's or HMO's challenge.

(b) In the event of a mandatory control level event:

(1) With respect to a life insurer, the Commissioner shall
take any actions that are necessary to place the insurer under
regulatory control under article ten of this chapter. In that
event, the mandatory control level event shall be considered
sufficient grounds for the Commissioner to take action under said
article, and the Commissioner has the rights, powers and duties
with respect to the insurer that are set forth in said article. If
the Commissioner takes actions pursuant to an adjusted RBC report,
the insurer is entitled to the protections of said article pertaining to summary proceedings. Notwithstanding any of the
provisions of this subdivision, the Commissioner may forego action
for up to ninety days after the mandatory control level event if
the Commissioner finds there is a reasonable expectation that the
mandatory control level event may be eliminated within the
ninety-day period.

(2) With respect to a property and casualty insurer, the
Commissioner shall take any actions that are necessary to place the
insurer under regulatory control under article ten of this chapter
or, in the case of an insurer which is writing no business and
which is running-off its existing business, may allow the insurer
to continue its run-off under the supervision of the Commissioner.
In either event, the mandatory control level event shall be
considered sufficient grounds for the Commissioner to take action
under said article and the Commissioner has the rights, powers and
duties with respect to the insurer that are set forth in said
article. If the Commissioner takes actions pursuant to an adjusted
RBC report, the insurer is entitled to the protections of said
article pertaining to summary proceedings. Notwithstanding any of
the provisions of this subdivision, the Commissioner may forego
action for up to ninety days after the mandatory control level
event if the Commissioner finds there is a reasonable expectation
that the mandatory control level event may be eliminated within the
ninety-day period.

(3) With respect to HMOs, the Commissioner shall take any actions that are necessary to place the HMO under regulatory
control in accordance with the provisions of article ten and
section nineteen, article twenty-five of this chapter. In that
event, the mandatory control level event shall be considered
sufficient grounds for the Commissioner to take action under said
section and the Commissioner has the rights, powers and duties with
respect to the HMO as are set forth in said section. If the
Commissioner takes actions pursuant to an adjusted RBC report, the
HMO is entitled to the protections of said article pertaining to
summary proceedings. Notwithstanding any of the provisions of this
subdivision, the Commissioner may forego action for up to ninety
days after the mandatory control level event if the Commissioner
finds there is a reasonable expectation that the mandatory control
level event may be eliminated within the ninety-day period.

Note: WV Code updated with legislation passed through the 2015 Regular Session
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